Price is below the Daily, 60 and 15 KS as well as the cloud. This is a Type 1 trade with a High probability and good RRR.
2 Potential entries (it is one or the other, not both)
Entry = 140.69 (60 KS)
Stop = 140.89
Risk = 20 pips
Profit target = 139.65 ( The projected daily low )
Reward = 104
2nd Entry = 140.25
Stop = 140.55
Risk = 30 pips
Our GJ entry got stopped out (real market)
Looking to get back in - keeping a close eye on this pair for perfect entry point.
GBP Strength Coming
JPY Weakness Coming
Potential to see 138 met before bullish leg back to mid 140's
GO SMALL! GBPJPY is a Powerful pair - Does not need large lot sizes.
Massive drop without correction from 146.5
Good bounce from 139.5 - 140.1
Therefore I think the low was set
Waiting for Bullish Signal => BUY
Plan Buy Gbpjpy: 139. - 147.2
TP1: 140.7 TP2: 141.6
NOTE: All of my plans, you have to be patient to wait for the price close to the EXPECTED ZONE. Then you should WAIT FOR REVERSAL CANDLES or PATTERNS on the low...
As you can see,the chart of GBPJPY currently at Corrective Wave (DOWNTREND).The question is whether the market will continue to plummet or climb high?
To complete this trend (downtrend/corrective),it requires 3 huge moves wave which is (A,B,C) guys...
to facilitate this explanation,I will elaborate and explain each one of this waves..
You can see on the chart...
Heading down ?
Share your thoughts and observation in comments session :)
Trading carries a high level of risk to your capital and may result in losses that exceed your initial deposit.
Supplied information is not advice.
Within first half of the MAY GBPJPY has made significant move without any more visible pullback. As a result last week Average month range was above 100% as well as Average weekly range was reached slightly around 100%.
Eventually, those ranges has matched with HnS pattern on weekly chart. However, right shoulder is lower the left one, therefore at least GBPUSD...
After dropping for almost TWO WEEKS, it would be interesting to see if GBJPY manages to Stage a comeback. Price has hit a Major DEMAND AREA on the Weekly Chart.
We need a couple of Constructive BREXIT related News and Improved RISK APPETITE this week to push GBPJPY higher.
So, in case of POSITIVE DEVELOPMENTS, as mentioned above, Swing Traders can definitely BUY...